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Wave Of Fake Debt Collectors Hints At Possible Data Breach
The Better Business Bureau has released a warning to be aware of scammers calling to threaten people with arrest “within the hour” for defaulting on payday loans. What makes them stand out from normal...
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Brooklyn Judge Rejects Improperly Documented Foreclosure Motions, Shocks...
There’s a judge in Brooklyn, NY, who has tossed out nearly half of the foreclosure cases brought before him over the past year, because the lenders have such messy paper trails that they can’t prove...
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Consumer And Banking Scholars Speak Out In Favor Of Consumer Financial...
Earlier this week, a group of 70 law professors from universities across the country released a 16-page Statement of Support (pdf) detailing why they’re in favor of the proposed Consumer Financial...
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Prepaid Debit Cards Are Money Sucking Black Holes In Your Pocket
Be very careful about activating any sort of over-the-counter prepaid debit card, reports the New York Times. They looked at a handful of prepaids currently on the market and discovered ridiculously...
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Maybe Homeowners Wouldn't Strategically Default If Lenders Cooperated
There’s an interesting detail at the end of this New York Times article on borrowers who strategically default–that is, they choose to walk away from the home when its value is significantly less than...
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Why People Stop Using Credit Cards
In yesterday’s Money section, USA Today talked to some consumers who refuse to carry credit cards, and looked at the hidden costs. One 24-year-old says they make her uncomfortable; a guy working at a...
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Wells Fargo Pulls $4,000 From Checking Account To Repay Student Loan
When you borrow from a bank where you also keep your day-to-day cash, you might be opening yourself up to problems down the line. Most banks have a right of setoff, which means they can tap other...
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25 Percent Of American Consumers Now Have Low Credit Scores
Before the recession hit, roughly 15% of Americans had FICO credit scores below 600. But after the past couple of years of late payments, defaults, and foreclosures, that number has grown to 25%, or...
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Citibank Transfers Student Loan To Another Company, But Sits On $1000 Payment...
The last time I uncovered an obvious error with my Citibank checking account, I realized it was time to move on. Our tipster Roarke may have just reached that same conclusion, only in his case Citibank...
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Lender’s Introduces The Baker’s Half-Dozen: Five Bagels
Kroger is ever so thoughtful. Maybe a little creepy, too. Michael received an e-mail from the grocer notifying him that a product he’s bought in the past–Lender’s frozen bagels–won’t be available...
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CFPB Returned $19.4M To 92,000 Consumers In The Last Half Of 2014
Each year the Consumer Financial Protection Bureau supervisory examiners hold hundreds of companies accountable for violations of fair lending and debt collection rules. During the last half of 2014,...
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Four Years After Reaching Deal With Regulators, Six Banks Still Haven’t Fixed...
Back in 2011, several of the nation’s largest banks entered into a settlement with federal regulators that required the institutions to correct widespread foreclosure abuses that helped to trigger the...
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CFPB Sues Auto Lender For Aggressive Debt Collection Tactics Against...
By now it should come as no surprise that lenders shelling out thousands of dollars to help consumers make purchases for things like houses and cars often use lies and threats in attempts to recoup...
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Auto Lender Must Pay $3.28M In Refunds, Penalties For Illegal Debt Collection...
Four months after federal regulators filed a lawsuit against an Ohio-based auto loan company over allegations it violated consumer protection laws – including those protecting servicemembers – in...
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Subprime Credit Reporting Company To Pay $8M For Illegally Obtaining...
Under the Fair Credit Reporting Act, companies – and lenders – are allowed to access credit reports only for “permissible purposes,” like determining if a person is creditworthy. But federal regulators...
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